Plexus' profit declines despite revenue increse

Plexus reported Q2 net income of 19.9 million USD, down from 23.8 million the year before. Reveune from the quarter was 573 million up from 568 million for the same period last year.

The company said that new program wins had driven revenue growth but had also come with transaction costs .

Dean Foate, President and CEO of Plexus said “During the quarter we won 28 new programs in our Manufacturing Solutions group that we anticipate will generate approximately $316 million in annualized revenue when fully ramped into production. Included in the $316 million is approximately $100 million of revenue from the strategic manufacturing arrangement with Kontron AG announced in January 2012. Overall, revenue from our Manufacturing Solutions new program wins was a record result and represented the third sequential quarter of strong performance”.

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